The Liberia Intellectual Property Organization (LIPO) and partner have kicked off a three-day workshop on Intellectual Property Asset Management for small and medium enterprises (SMEs) in the country.
The workshop, held under the theme, “Fostering Creativity and Innovation for Economic Growth in Africa”, is aimed at educating SMEs on the importance of protecting their IP rights and how to effectively manage their IP assets.
With support from the African Regional Intellectual Property Organization (ARIPO), the workshop, happening in Monrovia, also brought together representatives from various SMEs across different industries in Liberia.
The participants are being given a comprehensive overview of IP rights, including trademarks, patents, copyrights, and trade secrets as well as the benefits of protecting their IP assets, such as increased market competitiveness, enhanced brand reputation, and potential revenue generation through licensing and royalties.
Participants are also being schooled on practical tips and strategies on how to identify, protect and manage their intellectual property assets, including guidance on how to conduct IP audits within their organizations to assess the value and potential risks associated with their intellectual property assets.
During her opening remarks, LIPO Director General, Garmai Koboi, emphasized the importance of IP rights for SMEs in Liberia, highlighting the need for SMEs to proactively protect their intellectual property assets in order to safeguard their innovations and creations from infringement and unauthorized use.
She disclosed that the workshop will empower local businesses by providing essential knowledge on managing and protecting intellectual property (IP) assets, as focus areas include management and protection of IP assets, leveraging IP for innovation and promoting economic growth and sustainability in SMEs.
DG Koboi added that, at the end of the workshop participants will also enhance their understanding of IP management among SMEs as well as improve ability of participants to use IP as a tool for business growth and sustainability.
She at the same time emphasized the role of LIPO in supporting SMEs in Liberia with intellectual property protection and enforcement, thus encouraging the participants to take advantage of the three-day interaction.
Delivering a speech on behalf of Commerce Minister, Deputy Commerce Minister for Small Business Administration, Benedict Dolo said, “We gather here at a time when Africa, and indeed Liberia, is at a crossroads.”
According to him, the global economy is evolving rapidly, driven by advances in technology, shifts in trade dynamics, and the growing importance of knowledge-based industries.
“So, as we engage in the discussions and activities of this workshop over the next three days, I encourage all participants to engage actively, share your experiences, explore ways to utilize intellectual property within your enterprises to foster innovation, and learn from the experts who are here to guide you,” Deputy Minister Dolo stated.
“The insights you gain here will be invaluable to the SME sector in Liberia and our country. I want to reaffirm the commitment of the Ministry of Commerce and Industry to supporting the growth and development of SMEs in Liberia.”
Meanwhile, the workshop is said to be well-received by the participants, who expressed their appreciation for the valuable insights and practical knowledge they are expected to gained during the event.
Many SMEs in attendance expressed their commitment to implementing the strategies and recommendations that will be shared at the workshop to enhance their intellectual property management practices and protect their valuable assets.